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Increased Ethereum Activity May Resume ETH Rally

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ETH Rally

Increased Ethereum Activity May Resume ETH Rally

Ether (ETH) could reach $ 2,000 again this week, thanks to the growing transactional activity on the blockchain.

ETH Rally

Today, the coin is trading in the region of $ 1780 on the BitXmi crypto exchange, the day before it tried to break above $ 1800. However, Ether did not have enough support, so the stagnation continues. One of the key factors driving the strengthening of the ETH rate is the sharp increase in the number of daily transactions on Ethereum.

ETH Rally

ETH Rally

According to BitinfoCharts, the network now processes 1.301 million transactions on average daily. Santiment analysts predict that the improvement in Ethereum’s network performance is creating conditions for the resumption of the altcoin rally.

The researchers emphasized:

To the surprise of a few, Ethereum’s performance is increasing. Ether is currently just 7.1% below its all-time high of $ 2030, reached three weeks ago. The increase in the number of daily active addresses increases the likelihood of an inevitable retest of this historical mark.

Another factor. creating conditions for the resumption of growth in the value of altcoin is the reduction in the exchange balance of ETH. The emergence of a shortage of ether on the market should push the price up.

However, in any case, Bitcoin sets the trend in the market. If the largest cryptocurrency continues to rise in value, then ETH can again break above $ 2,000.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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